Newlox Gold Ventures Corp. announced a non-brokered private placement of unsecured convertible debenture on November 30, 2023. The principal amount of the debentures will become due two years from the closing date and will carry an interest rate of 10% per annum, with interest payable semi-annually. The principal and any accrued interest are convertible at the option of the investor at a conversion price of CAD 0.15 per common share from the closing date until the day before maturity. The company also issued 5,233,333 warrants. Each warrant entitles the holder to purchase one common share at an exercise price of CAD 0.25 for two years from the closing of the offering. The company paid finder's fee of CAD 33,120.00, and 220,800 warrants were issued at an exercise price of CAD 0.25 per common share for a period of two years from the closing date of the offering. All securities are issued pursuant to the offering will be subject to a 4-month hold period under applicable securities laws in Canada.
On the same day, the company has received CAD 785,000 in its first tranche closing.